Geely Holding sales surge 31% in Q1
Chinese automaker Zhejiang Geely Holding Group reported a 31% year-on-year surge in global vehicle sales to 946,627 units in the first quarter of 2025, driven by an 83% jump in new energy vehicle (NEV) sales to 463,372 units – or 49% of its total vehicle sales in this period.
Geely Automobile Holdings Limited, comprising the group's Chinese brands, reported a 48% increase in first-quarter sales to 703,824 units, including 589,813 Geely-branded vehicles, 72,608 Lynk & Co sales, and 41,403 Zeekr sales. The company's commercial vehicle unit, Farizon New Energy Commercial Vehicle Group, saw its sales rise by 62% to 26,710 units. Sales outside China amounted to 89,953 units, underpinned by the recent roll-out of the EX5 in Indonesia, Australia, New Zealand, Vietnam, and across Latin America.
First-quarter sales by the group's Volvo Cars subsidiary amounted to 172,219 vehicles, including 74,483 NEVs, while Polestar sold 12,304 units.
Geely has stepped up its globalization strategy in the last two years, underpinned a strong new product launch strategy. Exports from China surged by 57% to 414,522 units last year, with the company reporting strong demand for its products in the Middle East, Asia-Pacific, Africa, Latin America and Europe.
"Geely Holding sales surge 31% in Q1" was originally created and published by Just Auto, a GlobalData owned brand.
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San Francisco Chronicle
43 minutes ago
- San Francisco Chronicle
China grants rare earth export permits after US trade talks, offers relief but uncertainty persists
OMAHA, Neb. (AP) — The high-level negotiations over China's export controls of rare earths is giving U.S. businesses some relief, even though it may be only for now. China has approved 'a certain number' of export permits for rare earth elements and related items, its commerce ministry said on Thursday, one day after U.S. President Donald Trump declared that Beijing would supply to the U.S. companies those key elements and the magnets made from them following a two-day trade talk in London. 'I will be one of the happiest people out there if, if in fact, China starts to, to release some of those heavy rare earths and allows them to get into the world economy because the world economy is going to shut down without those heavy rare earths,' said Mark Smith, chief executive officer of NioCorp., which is developing a new mine in Nebraska to produce niobium, scandium, titanium and an assortment of rare earths. Export controls of the minerals apparently eclipsed tariffs in the latest round of trade negotiations between Beijing and Washington, after China imposed permitting requirements on seven rare earth elements in April, threatening to halt production of cars, robots, wind turbines and other high-tech products in the U.S. and around the world. Negotiators from the two governments said they reached a framework to move forward, with details yet to be agreed to by Trump and Chinese President Xi Jinping, but businesses welcomed the developments, even though uncertainties persist. Important elements used in many products Rare earth elements are some of the most sought-after critical minerals. Despite the name, they aren't actually rare, but it is hard to find them in high enough concentrations to make mining them economical. They are also difficult to extract from the ore, and China over the past several decades has built dominance in the processing capacity, supplying nearly 90% of the world's rare earths. In the heat of the tariff war with Trump, Beijing on April 4 announced permitting requirements for seven heavy rare earths: samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, citing the need to 'better safeguard national security and interests and to fulfill global duties of non-proliferation.' The elements China has restricted, such as terbium and dysprosium, are key ingredients needed to make permanent rare earth magnets withstand high temperatures. That is crucial for a variety of uses in electric vehicles, wind turbines and military uses like jet engines and nuclear submarines. Some of the other rare earths needed for those magnets are produced at the only operating U.S. rare earths mine run by MP Materials in California, but China remains the only source of nearly all of what's known as the heavy rare earths. MP Materials previously sent the heavy rare earths that it mines to China for processing but it halted that in April amid the tariffs. The company is working to expand its own processing capability as soon as possible, and it is building a new magnet plant in Texas. Looming shortages start to hit manufacturing Neha Mukherjee, rare earths analyst at Benchmark Mineral Intelligence, had previously predicted that most companies wouldn't start to run short of rare earths until later this year, but it appears some companies already have problems. 'The overall market stockpile exists, but looks like a lot of OEMs (original equipment manufacturers), especially auto manufacturers, were not prepared, especially in Europe,' Mukherjee said. Some American companies have stockpiled, but they 'might start experiencing constraint if this continues.' 'Looks like most of the stockpile is still in China hence the bottleneck in supply,' Mukherjee said. On June 4, the European Association of Automotive Supplies said the industry was 'already experiencing significant disruption' due to China's export restrictions on rare earths and magnets. 'These restrictions have led to the shutdown of several production lines and plants across Europe, with further impacts expected in the coming weeks as inventories deplete,' the group said. Questions remain about latest trade deal Details are still scarce on any agreement on rare earths shipments from China. On Thursday, He Yadong, spokesman for the Chinese commerce ministry, said China will 'sufficiently consider the reasonable needs and concerns by all countries in the civilian field" in reviewing applications of export permits for rare earths and related items. He said that it is consistent with international practice to put export controls on rare earths because they can be used for both civilian and military purposes. China's limits on rare earths remain a threat In a note, Gabriel Wildau, managing director of the consultancy Teneo, wrote that even though there is an agreement for now, 'supply cutoffs will remain an ever-present threat.' That's because China's licensing regime for the export of the seven heavy rare earths and related magnets is permanent, despite perceptions at the time that it was an act of retaliation, he wrote. China "will probably not approve exports in sufficient quantity to allow U.S. customers to stockpile, ensuring that Beijing's leverage remains undiminished,' he wrote. 'Beijing may approve few if any exports to U.S. defense companies and their suppliers.' Smith of NioCorp. said even if the Chinese are offering a reprieve from their restrictions on rare earths, they will likely still keep limits in place on U.S. military uses. 'I sincerely hope from the bottom of my heart that we use this situation as our final learning," Smith said. 'Let's take care of what we know needs to be taken care of.'
Associated Press
an hour ago
- Associated Press
China grants rare earth export permits after US trade talks, offers relief but uncertainty persists
OMAHA, Neb. (AP) — The high-level negotiations over China's export controls of rare earths is giving U.S. businesses some relief, even though it may be only for now. China has approved 'a certain number' of export permits for rare earth elements and related items, its commerce ministry said on Thursday, one day after U.S. President Donald Trump declared that Beijing would supply to the U.S. companies those key elements and the magnets made from them following a two-day trade talk in London. 'I will be one of the happiest people out there if, if in fact, China starts to, to release some of those heavy rare earths and allows them to get into the world economy because the world economy is going to shut down without those heavy rare earths,' said Mark Smith, chief executive officer of NioCorp., which is developing a new mine in Nebraska to produce niobium, scandium, titanium and an assortment of rare earths. Export controls of the minerals apparently eclipsed tariffs in the latest round of trade negotiations between Beijing and Washington, after China imposed permitting requirements on seven rare earth elements in April, threatening to halt production of cars, robots, wind turbines and other high-tech products in the U.S. and around the world. Negotiators from the two governments said they reached a framework to move forward, with details yet to be agreed to by Trump and Chinese President Xi Jinping, but businesses welcomed the developments, even though uncertainties persist. Important elements used in many products Rare earth elements are some of the most sought-after critical minerals. Despite the name, they aren't actually rare, but it is hard to find them in high enough concentrations to make mining them economical. They are also difficult to extract from the ore, and China over the past several decades has built dominance in the processing capacity, supplying nearly 90% of the world's rare earths. In the heat of the tariff war with Trump, Beijing on April 4 announced permitting requirements for seven heavy rare earths: samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, citing the need to 'better safeguard national security and interests and to fulfill global duties of non-proliferation.' The elements China has restricted, such as terbium and dysprosium, are key ingredients needed to make permanent rare earth magnets withstand high temperatures. That is crucial for a variety of uses in electric vehicles, wind turbines and military uses like jet engines and nuclear submarines. Some of the other rare earths needed for those magnets are produced at the only operating U.S. rare earths mine run by MP Materials in California, but China remains the only source of nearly all of what's known as the heavy rare earths. MP Materials previously sent the heavy rare earths that it mines to China for processing but it halted that in April amid the tariffs. The company is working to expand its own processing capability as soon as possible, and it is building a new magnet plant in Texas. Looming shortages start to hit manufacturing Neha Mukherjee, rare earths analyst at Benchmark Mineral Intelligence, had previously predicted that most companies wouldn't start to run short of rare earths until later this year, but it appears some companies already have problems. 'The overall market stockpile exists, but looks like a lot of OEMs (original equipment manufacturers), especially auto manufacturers, were not prepared, especially in Europe,' Mukherjee said. Some American companies have stockpiled, but they 'might start experiencing constraint if this continues.' 'Looks like most of the stockpile is still in China hence the bottleneck in supply,' Mukherjee said. On June 4, the European Association of Automotive Supplies said the industry was 'already experiencing significant disruption' due to China's export restrictions on rare earths and magnets. 'These restrictions have led to the shutdown of several production lines and plants across Europe, with further impacts expected in the coming weeks as inventories deplete,' the group said. Questions remain about latest trade deal Details are still scarce on any agreement on rare earths shipments from China. On Thursday, He Yadong, spokesman for the Chinese commerce ministry, said China will 'sufficiently consider the reasonable needs and concerns by all countries in the civilian field' in reviewing applications of export permits for rare earths and related items. He said that it is consistent with international practice to put export controls on rare earths because they can be used for both civilian and military purposes. China's limits on rare earths remain a threat In a note, Gabriel Wildau, managing director of the consultancy Teneo, wrote that even though there is an agreement for now, 'supply cutoffs will remain an ever-present threat.' That's because China's licensing regime for the export of the seven heavy rare earths and related magnets is permanent, despite perceptions at the time that it was an act of retaliation, he wrote. China 'will probably not approve exports in sufficient quantity to allow U.S. customers to stockpile, ensuring that Beijing's leverage remains undiminished,' he wrote. 'Beijing may approve few if any exports to U.S. defense companies and their suppliers.' Smith of NioCorp. said even if the Chinese are offering a reprieve from their restrictions on rare earths, they will likely still keep limits in place on U.S. military uses. 'If I'm in the military and flying a jet or running a nuclear class submarine or a guided missile, I don't want that to fail because of high temperatures. So we have to have these heavy rare earths,' Smith said. Smith said he hopes to find a solution to the problem of America being almost entirely dependent on China for these elements. 'I sincerely hope from the bottom of my heart that we use this situation as our final learning,' Smith said. 'Let's take care of what we know needs to be taken care of.'
Boston Globe
an hour ago
- Boston Globe
Innovation takes a backseat at small companies as tariffs become a full-time preoccupation
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Companies end up optimizing for the political landscape rather than technological advancement,' economists J. Bradford Jensen, a nonresident senior fellow at the Peterson Institute for International Economics, and Scott J. Wallsten, president of the Technology Policy Institute think tank, wrote in an April blog post. Trump has argued that curtailing foreign imports with tariffs would help revive the nation's diminished manufacturing base. Analysts and various trade groups have warned that fractured trade ties and supply chains may depress R&D activity of US tech and health care companies that rely on international partnerships or foreign suppliers. Small companies, which often drive the innovations that create jobs and economic growth, already are under strain. With fewer people on staff and tighter budgets compared to large corporations, entrepreneurs say they are spending more time on cutting costs, suspending or arranging orders, and deciding how much of their tariff-related costs to charge customers. That means they're spending less time thinking of their next big ideas. Advertisement Schylling Inc., a Massachusetts company that produces modern versions of Lava lamps, Sea-Monkeys, My Little Pony, and other nostalgic toys, has its products made in China. As part of its strategy to account for tariffs, the company put a group of employees on temporary unpaid leave last month to reduce expenses. Beth Muehlenkamp, who was marketing director at the company, was one of them, but now she and several others who were furloughed, were permanently laid off early this month. She noted that she and other staff members typically would have been planning products for the final months of 2026. But Schylling isn't focusing on designing new products given the unstable trade outlook. 'It's really hard to focus on innovation and creativity when you're consumed with this day-to-day of how we're just going to balance the books and deal with the changing rates,' Muehlenkamp said. An uneven product pipeline Even some companies that do their manufacturing in the United States are scaling back investments in new products. Made Plus, a Maryland company that makes athletic shoes at a small factory in the state capital, put a planned golf line on hold because two key components — a foam insole and the tread for the bottom of the shoe — currently are made in China, founder Alan Guyan said. The company customizes its shoes on demand and charges $145 to $200 a pair. The footwear is made from recycled plastic bottles with advanced knitting, 3-D printing and computerized stitching techniques. It's looking into getting components from Vietnam instead of China. A collection of Made Plus sneakers on display at the company's manufacturing facility in Annapolis, Md. Stephanie Scarbrough/Associated Press Embracing new technology is essential to restoring manufacturing capability in the United States and competing with Asia, Guyan said. But given ongoing trade frictions, he said he does not want to invest time or money evaluating the latest embroidery and knitting machines, which come from Germany, Italy, China, and the United States. Advertisement 'We're just battening down the hatches a little bit and just hoping that there's enough influence in the community of footwear that it will somewhat change and get resolved and we can move forward,' he said of the tariff roller coaster. In contrast, many big companies are forging on. Google parent Alphabet confirmed late last month that it still planned to spend $75 billion on capital expenditures this year, with most of the money going toward artificial intelligence technology. What's next for R&D? Sonia Lapinsky, a managing director at consulting firm AlixPartners, has advised her clients to limit tariff discussions to a small group of executives and to keep their product creation cycles in motion. Businesses have an even greater imperative to come up with attention-grabbing innovations when consumers may be reluctant to open their wallets, she said. Yet smaller companies may struggle to wall off tariff discussions from the rest of the business. Learning Resources CEO Rick Woldenberg said that roughly 25 percent to 30 percent of the 350 employees at the educational toy company's headquarters, including product developers, are working at least part-time on tariff-related tasks. The company usually develops 250 different products a year and expects to get half that many off the drawing board for 2026, Woldenberg said. While exploring factories in countries besides China, he said, Learning Resources is delaying the next generation of its interactive robots that help children develop computer programming skills through games and other activities. The family-run business and Woldenberg's other toy business, hand2Mind, are locked in a legal battle with the Trump administration. The jointly owned companies filed a lawsuit accusing the president of exceeding his authority by invoking an emergency powers law to impose tariffs. Advertisement A federal judge ruled in favor of the two companies last month, and the administration has appealed the decision. Woldenberg said he's ready to take the case to the US Supreme Court. 'It's a win at the Supreme Court that we need,' he said. 'And so until then, there will be no certainty. Even then, if the government is bound and determined to keep us in an uncertain situation, they'll be able to do that.'
